Repsol Discovers Crude Offshore Angola, Chairman Brufau Says

Repsol SA struck oil in the first well drilled in Angola’s so-called pre-salt rocks and is assessing whether the find is commercial, Chairman Antonio Brufau said.

“There is oil,” Brufau said while attending a conference in Madrid. “We’re analyzing the commerciality of our well. Angola will gives lots of results, not only to us but to others too. Perspectives for Angola are good, not as good as Brazil but good.”

Oil companies are betting that the pre-salt region off Angola will mirror that of Brazil, where the biggest finds of the century have been made. Repsol’s discovery in the Locosso well in Angola’s Kwanza basin comes after Statoil ASA announced last month that it had a dry well in a different geological formation in the same area.

Cobalt Energy International Inc. has made five discoveries from fives wells in the basin and aims to start commercial production in 2017.

The pre-salt is named because the rock lies under a layer of salt as thick as 2 kilometers under the seabed. Drilling the Locosso well required reaching depths of about 4,500 meters, passing through water, earth and salt.

The Locosso well is located in Angola’s Block-22, in which Repsol is the operator and holds a 30 percent stake, with Sonangol EP holding 50 percent and Statoil 20 percent.

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